SOURCE: Magellan Energy Ltd.

May 14, 2007 08:30 ET

Magellan Energy Ltd. Announces Update on Pemberton Well # 14

TORONTO -- (MARKET WIRE) -- May 14, 2007 -- Magellan Energy Ltd. (PINKSHEETS: MGLG) announces update for its current operations in Tennessee. Based on recent seismic data collected, Pemberton #14 in Morgan County, Tennessee has been identified as the first site of operation for Magellan Energy Ltd. Equipment has been placed on site and drilling operations have commenced.

Magellan Energy Ltd. President and CEO, Bill Akrivos, was on site in Morgan County, Tennessee to oversee the drilling operations conducted on the Pemberton # 14 well. Drilling reached a depth of 1300 Ft. before encountering metal casings. At this point drilling was temporarily halted to re-examine our position. It has been decided that in order to continue operations without any further delays, drilling on Pemberton # 14 will be suspended and reassessed with further studies.

The operations have been moved to another well location on the Pemberton Property and are scheduled to commence immediately. "We will reassess Pemberton # 14 with further studies to determine the best possible methods of passing the obstacles. Magellan will continue our progress to have several drilling locations to further our position in the oil and gas industry," said Mr. Akrivos, CEO, of Magellan Energy Ltd.

About Magellan Energy Ltd.

Magellan Energy Ltd. is a growing and experienced energy company focused on acquiring and partnering with existing producing junior properties in North America. Magellan Energy Ltd. is working to establish itself as a world-class oil and natural gas company, capitalizing on smart acquisitions and having great relations through partnerships.

Safe Harbor Statement

This press release contains forward-looking statements as defined in the Securities Litigation Improvements Act of 1996. The words "believe," "expect," "estimate," "project" and similar expressions define forward-looking statements, which speak only as of the date the statement was made. Magellan Energy Ltd. undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. Forward-looking statements are currently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated in, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the Company's ability to meet its projected growth, the effects of government regulation, competition and other material risks.

Contact Information